LabCorp Expands Drug Development Solutions with Acquisition of
Sciformix

BURLINGTON, N.C.--(BUSINESS WIRE)--LabCorp® (NYSE: LH), a leading global life sciences company, announced
today that it has acquired Sciformix Corporation, a scientific process
outsourcing company focused on pharmacovigilance and regulatory
solutions for biopharmaceutical and medical devices clients. Sciformix
will become part of Covance, LabCorp’s drug development business.

“This acquisition strengthens our position in the later phases of drug
and device development, particularly for post-marketing
pharmacovigilance and market access solutions,” said David P. King,
chairman and chief executive officer of LabCorp. “The addition of
Sciformix’s scientific and technology expertise, combined with its
quality-driven processes, will support Covance’s work in transforming
drug development through innovation and greater efficiency.”

Sciformix’s offerings include post-marketing safety and risk management,
clinical development support services, regulatory affairs and
operations, technology services, and real-world evidence solutions. The
majority of Sciformix’s 1,100 employees are based in Asia, accelerating
Covance’s global expansion.

“The development process does not end once a drug or device is
approved,” said Bill Hanlon, Ph.D., group president of Clinical
Development and Commercialization Services at Covance. “More than ever,
approved treatments must be monitored closely to demonstrate a continued
favorable benefit-risk ratio in a much broader population and to
safeguard patient safety. Pharmacovigilance solutions address that need.
Sciformix’s services and expertise are a compelling addition to
Covance’s portfolio. With its scientific knowledge and high-quality
delivery, Sciformix is a great fit with our culture and our mission to
improve health and improve lives.”

Manish Soman, former president and chief executive officer of Sciformix,
said: “Our complementary offerings add depth and breadth to each
company’s capabilities, creating an exciting opportunity to offer
customers an enhanced range of comprehensive services by a single
company.” Ajit Nagral, Sciformix founder and former executive chairman,
added: “Sciformix is delighted to become part of the Covance and LabCorp
family, bringing new opportunities for our employees as they work to
improve healthcare for patients worldwide.”

Terms of the transaction have not been disclosed.

About LabCorp

LabCorp (NYSE: LH), an S&P 500 company, is a leading global life
sciences company that is deeply integrated in guiding patient care,
providing comprehensive clinical laboratory and end-to-end drug
development services. With a mission to improve health and improve
lives, LabCorp delivers world-class diagnostic solutions, brings
innovative medicines to patients faster and uses technology to improve
the delivery of care. LabCorp reported net revenues of over $10
billion in 2017. To learn more about LabCorp, visit www.LabCorp.com,
and to learn more about Covance Drug Development, visit www.Covance.com.

This press release contains forward-looking statements about the
Company’s future operations. Each of the forward-looking statements is
subject to change based on various important factors, including without
limitation, competitive actions in the marketplace, and adverse actions
of governmental and other third-party payers. Actual results could
differ materially from those suggested by these forward-looking
statements. The Company has no obligation to provide any updates to
these forward-looking statements even if its expectations change.
Further information on potential factors that could affect operating and
financial results is included in the Company’s Form 10-K for the year
ended December 31, 2017, and subsequent Forms 10-Q, including in each
case under the heading risk factors, and in the Company’s other filings
with the SEC. The information in this press release should be read in
conjunction with a review of the Company’s filings with the SEC
including the information in the Company’s Form 10-K for the year ended
December 31, 2017, and subsequent Forms 10-Q, under the heading
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.